Updated on June 28, 2022
A good education can often be the key to achieving life success. Getting a higher education at a university outside of your own country can help you get a better job. In many industries, this possibility is also considered as a fantastic learning opportunity.
The cost of education, combined with living expenditures while studying abroad, adds up to a significant figure, which is a major concern for anyone considering studying abroad. This is when a student loan comes in helpful.
In India, almost all banks, as well as several NBFCs and fintech lenders, offer education loans. We’ve compiled a list of some of the best educational loan companies for international studies.
Educational loans are considered priority sector lending, hence all banks offer educational loan packages.
SBI provides education loans to students who want to further their education in India or abroad. SBI offers two forms of education loans, depending on the amount of money needed.
Student Loan Scheme This scheme allows you to borrow up to Rs 20 lakh in loans. The scheme’s specifics are as follows:
SBI Global Education Advantage
This is a loan offered only to those who intend to pursue higher education overseas.
On both plans, female applicants will receive a 0.5 percent loan rate reduction. For loans beyond Rs 7.5 lakhs, collateral is required.
The following are the terms and conditions of an HDFC education loan.
Collateral is required for loans exceeding Rs7.5 lakh.
ICICI Bank offers education loans to help many students achieve their goal of obtaining a higher education. ICICI Bank offers loans to international undergraduate students.
For Undergraduate Studies:
For Postgraduate Studies:
Loans with no collateral for a small group of institutions: UG courses can cost up to Rs 20 lakh, while PG programmes can cost up to Rs 40 lakh.
Axis Bank offers Education Loans for both in-country and out-of-country studies, starting at Rs. 50,000 and with low interest rates. Individuals can choose from a variety of loan options to meet their needs.
Rate of Interest: 15.2 percent for loans up to Rs 4 lakh, 14.7 percent for loans between Rs 4 lakh and Rs 7.5 lakh, and 13.7 percent for loans over Rs 7.5 lakh.
Nil up to Rs 10 lakh, Rs 15000+GST for sums up to Rs 20 lakh, 0.75 percent on differential loan amount above 20 lacs + GST.
PNB Udaan is a plan offered by Punjab National Bank that provides education loans to students who want to pursue higher education overseas.
Many NBFCs, in addition to banks, provide education loans for higher education abroad. NBFC education loans frequently have less stringent eligibility requirements.
NBFCs are also more willing to finance for courses outside of the mainstream. When you take out education loans from NBFCs, the loan processing time may be shortened. However, depending on your credit score and the course you want to take, they may require extra collateral.
NBFCs do not offer EMI payment moratoriums on education loans and charge a higher interest rate than banks.
Avanse, a new-age education loan provider, was founded in 2013 with the goal of providing seamless loans to Indian students who want to study abroad. The following are the specifics of Avanse’s educational loans:
The amount of collateral needed is influenced by the loan amount as well as other factors.
HDFC Credila is India’s first specialised education loan, created to help students pursue their dreams of pursuing higher education overseas. Credila can approve you for a loan even before you have a confirmed admission.
Another well-known NBFC that lends educational loans for higher education abroad is Tata Capital.
Auxilo is a newcomer to the school loan market, but it has already built a reputation for itself by providing educational loans to a large number of students. The following are the major characteristics of the Auxilo education loan:
There are also no-collateral loans accessible. If you provide collateral, you can take advantage of special interest rates reserved for collateral-backed loans.
InCred is a non-bank financial institution that provides education loans to all aspiring students. The following are the details of their loans for study abroad:
You may be able to get a higher rate on an InCred education loan if you provide collateral. In some situations, you may also be eligible for a larger loan amount and have a better chance of getting your loan approved.
At ForeignAdmits, we understand how important this decision is. We are here to help you every step of the way, from finding the right school to getting admitted and securing scholarships.
ForeignAdmits have a team of experienced counsellors. We can provide you with customized guidance based on your individual needs contact us today to get started. We look forward to helping you achieve your educational and career goals!
